Summary of mandatory financial record-keeping periods under the Income Tax Act, GST Law (72 months), and Companies Act (8 years) to avoid penalties and ensure compliance.
Recent GST changes simplify post-sale discounts via Credit Notes, mandate invoice-wise TDS reporting in GSTR-7, impose a 3-year limit on filing old returns, and introduce electronic filing for GSTAT appeals.
GST rate reductions or exemptions require careful ITC management. Learn rules for utilizing existing credit, mandatory reversal for nil-rated goods, and applying the correct rate using time of supply.
Summary: Effective September 22, 2025, India has implemented GST 2.0 reforms, simplifying its tax structure and impacting various aspects of the economy. The new system reduces rates on approximately 90% of daily essentials, moving them from 12% or 18% to a lower 5%, which is expected to save the average household between Rs.1,200 and Rs.1,800 […]
Understand the rules for revising MRP on unsold stock after GST rate changes. Learn about mandatory conditions, advertising, and consumer transparency.
A summary of the 56th GST Council Meeting’s recommendations, including changes to tax rates, simplified registration for small businesses, and new rules for credit notes.
Summary: Taxpayers, particularly Individuals and HUFs not required to audit their accounts, must file their Income Tax Returns (ITR) by the extended deadline of 15th September 2025 to avoid penalties and loss of benefits. Essential documents for filing include PAN and Aadhaar details, bank statements, Form 16, receipts for deductions under Section 80, and Form […]
The 56th GST Council meeting is set for September 2025. The agenda includes rationalizing tax slabs, simplifying compliance, and addressing inverted duty structures.
The Indian government has proposed GST reforms, including reducing tax slabs to 5% and 18%. This aims to simplify the structure and lower costs for daily-use items.
Drawing a parallel between India’s trade policies and personal finance, this summary outlines five key principles for investors to build financial independence and resilience.
